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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Components of Provision for Income Taxes

The provision for income taxes consists of the following:


	For the Year Ended December 31,
In thousands	2020		2019		2018
Current:
Federal	$	(6,551)	$	3,505	$	3,739
State	49		381		498
Foreign	4,124		4,479		3,788
Total current	$	(2,378)	$	8,365	$	8,025
Deferred:
Federal	$	(3,622)	$	(12,481)	$	2,646
State	(1,719)		(1,442)		380
Foreign	886		(858)		(2,598)
Total deferred	(4,455)		(14,781)		428
Provision (Benefit) for income taxes	$	(6,833)	$	(6,416)	$	8,453

Schedule of Reconciliation of the Difference between the Actual Provisions for Income Taxes

The following is a reconciliation of the difference between the actual provision for income taxes and the provision computed by applying the federal statutory tax rate on earnings:


	For the Year Ended December 31,
	2020		2019		2018
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	0.9		2.7		1.6
Valuation allowances for deferred tax assets, including state	(3.7)		(4.4)		(1.3)
Research and development credits	0.3		0.7		(1.3)
Capitalized transaction costs	—		—		0.6
Stock based compensation	(0.8)		(0.1)		(0.7)
Goodwill Impairment	(12.3)		(19.6)		—
Foreign income taxed at lower rates	—		2.4		(1.6)
Reserves for uncertain tax positions	2.3		0.3		—
Repatriation of foreign undistributed earnings	—		—		1.6
CARES Act carryback benefit	1.4		—		—
Pension plan settlement	—		5.9		—
Other	(0.6)		(0.6)		(0.4)
Effective income tax rate	8.5	%	8.3	%	19.5	%

Schedule of Net Current and Net Long-Term Deferred Tax Assets and Liabilities by Tax Jurisdiction

The following schedule presents net current and net long-term deferred tax assets and liabilities by tax jurisdiction as of December 31, 2020 and 2019:


Deferred tax assets:	At December 31,
In thousands	2020		2019


Foreign	$	1,260	$	1,933
Totals	$	1,260	$	1,933


Deferred tax liabilities:	At December 31,
In thousands	2020		2019
Federal	$	21,464	$	26,992
State	1,027		2,902
Foreign	4,683		4,667
Totals	$	27,174	$	34,561

Schedule of Components of Deferred Tax Asset and Liability

Net deferred tax assets (liabilities) consisted of the following:


	At December 31,
In thousands	2020		2019
Deferred tax assets:
Accounts receivable	$	438	$	377
Financial Hedging Instruments	2,774		1,491
Interest Expense Carryovers	—		2,371
Inventories	1,952		1,845
Net operating loss carryforwards	13,553		8,478
Operating lease	5,797		6,001
Other accrued liabilities	4,270		5,905
Pension	5,125		4,274
Tax Credits	1,498		2,015
Total deferred tax assets	35,407		32,757
Deferred tax liabilities:

Intangible assets	17,694		21,990
Right of use assets	5,797		6,001
Property, plant and equipment	24,844		28,177
Total deferred tax liabilities	48,335		56,168
Valuation allowance	12,986		9,217
Net deferred tax liabilities	$	(25,914)	$	(32,628)

Schedule of Income from Continuing Operations before Income Taxes

For the years ended December 31, 2020, 2019, and 2018, (loss) income before income taxes was derived from the following sources:


	For the Year Ended December 31,
In thousands	2020		2019		2018
United States	$	(68,895)	$	(73,539)	$	33,928
Foreign	(11,700)		(3,538)		9,337
Total (loss) income before income taxes	$	(80,595)	$	(77,077)	$	43,265

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	At December 31,
In thousands	2020		2019
Unrecognized tax benefits at beginning of year	$	3,212	$	3,563
Decreases relating to positions taken in prior periods	(31)		(36)



Decreases due to lapse of statute of limitations	(1,463)		(315)
Unrecognized tax benefits at end of year	$	1,718	$	3,212